World’s Top 500 Richest Lose $1.4 Trillion This Year; Changpeng Zhao, Elon Musk Lead Table

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The stock markets have faced days of bloodbath this year, and investors have lost trillions of dollars during these sessions alone. With back to back reasons like the Omicron wave, Russia Ukraine war and a subsequent inflation rise across the globe, which is not taming till now, stock markets have faced some of their worst days this year. This, in turn, has resulted in losses for investors, and the richest people in the world have lost millions. According to a report, the 500 wealthiest people in the world this year have faced losses of $1.4 trillion when combined.

The combined losses include as much as a loss of $206 billion on Monday alone, as per the Bloomberg Billionaires Index. On the day, the S&P500 index toppled 4 per cent to close in the bear market territory and scaled a new low of the year at 3,749.63. The global financial markets are reeling under the pressure of higher interest rate predictions by central banks, including the US Federal Reserve, as well as anticipation of further inflation rise that has been part of the global economy since Russia declared a war on Ukraine.

Elon Musk, Changpeng Zhao Lose Most Money

As per Bloomberg Billionaire’s Index data, five of the world’s wealthiest people have lost a combined wealth of over $345 billion in this year. Of this, Tesla CEO Elon Musk lost $73.2 billion, while Binance CEO Changpeng Zhao lost the most amount of wealth at $85.6 billion prompted by crypto market losses. Amazon chief Jeff Bezos lost an amount of $65.3 billion, while Mark Zuckerberg and Warren Buffet contributed $64.4 billion and $56.8 billion to the combined losses.

However, despite Adani stocks being largely on the greener side even during the market crash, Gautam Adani lost his position from the $100 billion club as he lost around $8 billion since late May. As per Bloomberg Billionaire’s Index, Adani lost $1.96 billion over the last change and has net worth of $92.9 billion at the moment.

What’s Happening in India?

Back home, too, stock markets were on a losing spree as the Sensex lost nearly 1,500 points during close on Monday and extended the losses during early hours of Tuesday. At 09:17 IST, the Sensex was down 125.42 points or 0.24 per cent at 52,721.28, and the Nifty was down 30.20 points or 0.19 per cent at 15,744.20.

Asia Pacific Headed for Stunted Growth

According to the data in the Bloomberg Billionaire’s Index, the ranks of the rich in Asia-Pacific region increased by just 4.2 per cent. The area was trailing behind Europe and fell further behind North America — different from its character over the past decade that saw a domination of the growth of the wealthy in the area. As per a Bloomberg report, “China’s crackdown on technology companies and a cooling real estate market was partly the cause, but it also reflected the ferocious gains in the US stock market, which helped inflate everything from cryptocurrencies to property values.” However, the report said, that this is now reversing quickly as inflation has gone through the roof as experts anticipate a sharp rate hike by the US Federal Reserve.

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